Following their recent announcement that it would expand its Asia-Pacific team, investment firm KKR has appointed a new Head of Greater China.

Paul Yang who is the current President and CEO of China Development Financial Corporation (CDFC) will take up the new role from January 2017.

Based in Hong Kong Yang will lead the team and business development in Greater China, chief of which will involve leading a team of over 20 professionals in the Beijing office as the firm continues building its China business.

As President and CEO of CDFC, Yang supervised the group's significant investments and led a team of 7,000 people across its Asian operations.

Management Reshuffle

Having joined CDFC in 2005 as its Chief Investment Officer and head of its private equity business, he was promoted to his current role in 2011. During his tenure, Yang successfully restructured its then-proprietary private equity operation into a fast-growing asset management franchise and is credited with completing a series of strategic acquisitions in banking and securities that has transformed CDFC.

Paul Yang will join as a Member of KKR and Head of Greater China. David Liu, KKR Member, former Co-Head of KKR Asia Private Equity and Head of Greater China, and KKR Member Julian Wolhardt will leave KKR at the end of this year and will transition to being KKR Advisors.

Since entering Asia in 2005, KKR has completed over 60 private equity transactions across the region with a cumulative investment of over $10 billion. KKR's current flagship $6 billion Asian Fund II, the largest private equity fund raised in Asia, is generating strong returns for investors.